Net revenue for the third quarter of 2014 was US$1,124.1 million, representing a decrease of approximately 10% from US$1,252.7 million for the comparable period in 2013. The decline in net revenue was primarily attributable to lower group-wide rolling chip revenues, partially offset by improved group-wide mass market table games revenues.

Adjusted property EBITDA<1> was US$305.7 million for the third quarter of 2014, as compared to Adjusted property EBITDA of US$339.0 million in the third quarter of 2013. The 10% year-over-year decline in Adjusted property EBITDA was attributable to lower group-wide rolling chip volumes and rolling chip win rate, partially offset by growth in the mass market table games segment.

On a U.S. GAAP basis, net income attributable to Melco Crown Entertainment for the third quarter of 2014 was US$132.2 million, or US$0.24 per ADS, compared with net income attributable to Melco Crown Entertainment of US$179.4 million, or US$0.33 per ADS, in the third quarter of 2013. The net loss attributable to noncontrolling interests during the third quarter of 2014 of US$23.6 million related to Studio City and City of Dreams Manila.

Mr. Lawrence Ho, Co-Chairman and Chief Executive Officer of Melco Crown Entertainment, commented, "In the third quarter of 2014, we delivered solid operating and financial metrics, despite a challenging rolling chip environment in Macau, driven by a strong performance in our mass market operations at City of Dreams in Macau.

"City of Dreams continued to gain market share in the mass table games segment in Macau, with the property's mass market table games revenues in the third quarter of 2014 increasing 24.0% on a year-over-year basis, outpacing the market which grew 16.2% during the same period. We believe City of Dreams' diverse mix of first-class gaming and non-gaming amenities ensures the property will remain the leading premium integrated resort in the region.

"We have made significant progress on our exciting and truly unique development pipeline. The expansion of the luxury retail offering and the Dame Zaha Hadid-inspired fifth hotel tower at City of Dreams in Macau, which are expected to open in 2016 and the first half of 2017, respectively, will substantially expand City of Dreams gaming, hotel, food and beverage and retail offerings.

"Studio City remains firmly on track for a mid-2015 grand opening, representing the next standalone integrated resort to open in Macau. This entertainment-focused, cinematically-themed property will bring a vast array of non-gaming attractions not yet seen in the region, which will help broaden Macau's appeal to a more diverse and continually evolving customer base.

"We are excited that our first expansion out of Macau is due to open its doors to customers in December, with a grand opening planned in the first quarter of 2015. This integrated resort in Entertainment City in Manila, with its collection of international brands and diverse array of gaming and entertainment attractions, will help put the Philippines on the map as a leading leisure and entertainment destination in Asia.

"We remain committed to driving long term shareholder value. In addition to the ongoing optimization of our current operating portfolio, we continue to evaluate and pursue value-accretive development opportunities, both in Macau and across the region, while at the same time returning surplus capital to shareholders through a combination of dividends and / or share repurchases.

"Macau remains the leading and most exciting gaming destination in the world. As the only legal casino gaming destination in China, Macau is ideally positioned to cater to one of the fastest growing consumer markets in the world, with a burgeoning middle and upper class which, together with a forward-thinking development and infrastructure blueprint for the region, will ensure Macau's long term success."

City of Dreams Third Quarter Results

For the third quarter of 2014, net revenue at City of Dreams was US$911.6 million compared to US$958.3 million in the third quarter of 2013. City of Dreams generated Adjusted EBITDA of US$276.0 million in the third quarter of 2014, representing a decrease of 8% compared to US$298.4 million in the comparable period of 2013. The decline in Adjusted EBITDA was primarily a result of lower rolling chip volume and rolling chip win rate, partially offset by growth in mass market table games drop and an improved mass market table games hold percentage.

Rolling chip volume totaled US$17.3 billion for the third quarter of 2014 versus US$22.8 billion in the third quarter of 2013. The rolling chip win rate was 2.7% in the third quarter of 2014 versus 3.0% in the third quarter of 2013. The expected rolling chip win rate range is 2.7%-3.0%.

Mass market table games drop increased 10% to US$1,340.4 million compared with US$1,213.2 million in the third quarter of 2013. The mass market table games hold percentage was 38.9% in the third quarter of 2014, an increase from 34.8% in the third quarter of 2013.

Gaming machine handle for the third quarter of 2014 was US$1,551.7 million, up 25% from US$1,242.5 million generated in the third quarter of 2013.

Total non-gaming revenue at City of Dreams in the third quarter of 2014 was US$74.2 million, up from US$70.9 million in the third quarter of 2013.

Altira Macau Third Quarter Results

For the quarter ended September 30, 2014, net revenue at Altira Macau was US$160.4 million compared to US$242.4 million in the third quarter of 2013. Altira Macau generated Adjusted EBITDA of US$20.3 million in the third quarter of 2014 compared with Adjusted EBITDA of US$29.8 million in the third quarter of 2013. The year-over-year decrease in Adjusted EBITDA was primarily a result of lower rolling chip revenues and mass market table games drop, partially offset by higher mass market table games hold percentage.

Rolling chip volume totaled US$7.2 billion in the third quarter of 2014 versus US$10.8 billion in the third quarter of 2013. The rolling chip win rate was 2.7% in the third quarter of 2014 versus 2.9% in the third quarter of 2013. The expected rolling chip win rate range is 2.7%-3.0%.

In the mass market table games segment, drop totaled US$181.4 million in the third quarter of 2014, a slight decrease from US$181.9 million generated in the comparable period in 2013. The mass market table games hold percentage was 16.2% in the third quarter of 2014 compared with 14.9% in the third quarter of 2013.

Total non-gaming revenue at Altira Macau in the third quarter of 2014 was US$9.0 million, essentially flat from US$9.2 million in the third quarter of 2013.

Mocha Clubs Third Quarter Results

Net revenue from Mocha Clubs totaled US$38.5 million in the third quarter of 2014 as compared to US$38.6 million in the third quarter of 2013. Mocha Clubs generated US$9.9 million of Adjusted EBITDA in the third quarter of 2014, a decline of 11% when compared to Adjusted EBITDA of US$11.2 million in the same period in 2013.

The number of gaming machines in operation at Mocha Clubs averaged approximately 1,300 in the third quarter of 2014, compared to approximately 2,000 in the comparable period in 2013. The reduction in gaming machines was primarily due to the closure of four clubs, partially offset by the opening of two new clubs in late 2013 and in 2014, respectively. The net win per gaming machine per day was US$306 in the quarter ended September 30, 2014, as compared with US$218 in the comparable period in 2013, an increase of 40%.

City of Dreams Manila Third Quarter Results

On a fully consolidated basis, we incurred approximately US$29.8 million of operating expenses in the third quarter of 2014 at City of Dreams Manila, which primarily relate to pre-opening costs, property charges and others as well as share based compensation cost, which, together with approximately US$5.3 million of interest expense on the PHP15 billion senior notes and US$6.4 million of capital lease charges relating to building lease payments, net of capitalized interest, resulted in a net loss of approximately US$40.5 million during the third quarter of 2014.

Other Factors Affecting Earnings

Total net non-operating expenses for the third quarter of 2014 were US$38.8 million, which mainly included interest income of US$6.1 million and interest expenses, net of capitalized interest, of US$34.1 million and other finance costs of US$11.3 million. We recorded US$25.7 million of capitalized interest during the third quarter of 2014, primarily relating to Studio City, City of Dreams Manila and the fifth hotel tower at City of Dreams. The year-on-year decrease of US$5.7 million in net non-operating expenses was primarily due to higher interest income and higher capitalized interest in the current quarter, partially offset by higher interest expenses arisen from the draw down of the entire delayed draw term loan facility under the Studio City Project Facility on July 28, 2014 and the issuance of Philippine Notes on January 24, 2014.

Depreciation and amortization costs of US$89.1 million were recorded in the third quarter of 2014, of which US$14.3 million was related to the amortization of our gaming subconcession and US$16.1 million was related to the amortization of land use rights.

Financial Position and Capital Expenditure

Total cash and bank balances as of September 30, 2014 totaled US$4.2 billion, including US$0.1 billion of bank deposits with original maturity over three months and US$2.2 billion of restricted cash, primarily related to Studio City. Total debt at the end of the third quarter of 2014 was US$4.0 billion.

Capital expenditures for the third quarter of 2014 were US$466.2 million, which predominantly related to Studio City and City of Dreams Manila, as well as various projects at City of Dreams, including the fifth hotel tower.

Conference Call Information

Melco Crown Entertainment will hold a conference call to discuss its third quarter 2014 financial results on November 6, 2014 at 8:30 a.m. Eastern Time (9:30 p.m. Hong Kong Time). To join the conference call, please use the dial-in details below:

This release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) growth of the gaming market and visitation in Macau and the Philippines, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, and (v) our future business development, results of operations and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "anticipate", "target", "aim", "estimate", "intend", "plan", "believe", "potential", "continue", "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this release, and the Company undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

(1) "Adjusted EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, gain on disposal of assets held for sale and other non-operating income and expenses. "Adjusted property EBITDA" is earnings before interest, taxes, depreciation, amortization, pre-opening costs, development costs, property charges and others, share-based compensation, gain on disposal of assets held for sale, corporate and others expenses and other non-operating income and expenses. Adjusted EBITDA and adjusted property EBITDA are presented exclusively as a supplemental disclosure because management believes that they are widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses adjusted EBITDA and adjusted property EBITDA as measures of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors. The Company also presents adjusted EBITDA and adjusted property EBITDA because they are used by some investors as ways to measure a company's ability to incur and service debt, make capital expenditures, and meet working capital requirements. Gaming companies have historically reported adjusted EBITDA and adjusted property EBITDA as supplements to financial measures in accordance with U.S. GAAP. However, adjusted EBITDA and adjusted property EBITDA should not be considered as alternatives to operating income as indicators of the Company's performance, as alternatives to cash flows from operating activities as measures of liquidity, or as alternatives to any other measure determined in accordance with U.S. GAAP. Unlike net income, adjusted EBITDA and adjusted property EBITDA do not include depreciation and amortization or interest expense and therefore do not reflect current or future capital expenditures or the cost of capital. The Company compensates for these limitations by using adjusted EBITDA and adjusted property EBITDA as only two of several comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance.

Such U.S. GAAP measurements include operating income, net income, cash flows from operations and cash flow data. The Company has significant uses of cash flows, including capital expenditures, interest payments, debt principal repayments, taxes and other non-recurring charges, which are not reflected in adjusted EBITDA or adjusted property EBITDA. Also, the Company's calculation of adjusted EBITDA and adjusted property EBITDA may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted EBITDA and adjusted property EBITDA with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

(2) "Adjusted net income" is net income before pre-opening costs, development costs, property charges and others, loss on extinguishment of debt and costs associated with debt modification. Adjusted net income attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment per share ("EPS") are presented as supplemental disclosures because management believes that they are widely used to measure the performance, and as a basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to income and EPS computed in accordance with U.S. GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Melco Crown Entertainment and adjusted net income attributable to Melco Crown Entertainment per share may be different from the calculation methods used by other companies and, therefore, comparability may be limited. Reconciliations of adjusted net income attributable to Melco Crown Entertainment with the most comparable financial measures calculated and presented in accordance with U.S. GAAP are provided herein immediately following the financial statements included in this press release.

About Melco Crown Entertainment Limited

Melco Crown Entertainment, with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") (SEHK:6883) and its American depositary shares listed on the NASDAQ Global Select Market (Nasdaq:MPEL), is a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia. Melco Crown Entertainment currently operates Altira Macau (www.altiramacau.com), a casino hotel located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated urban casino resort located in Cotai, Macau. Melco Crown Entertainment's business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company is also developing the planned Studio City Project, a cinematically-themed integrated entertainment, retail and gaming resort in Cotai, Macau. In the Philippines, Melco Crown (Philippines) Resorts Corporation's subsidiary, MCE Leisure (Philippines) Corporation, is developing and will solely operate and manage City of Dreams Manila (www.cityofdreams.com.ph), a casino, hotel, retail and entertainment integrated resort in the Entertainment City complex in Manila. For more information about Melco Crown Entertainment, please visit www.melco-crown.com.

Melco Crown Entertainment has strong support from both of its major shareholders, Melco International Development Limited ("Melco") and Crown Resorts Limited ("Crown"). Melco is a listed company on the Hong Kong Stock Exchange and is substantially owned and led by Mr. Lawrence Ho, who is Co-Chairman, an Executive Director and the Chief Executive Officer of Melco Crown Entertainment. Crown is a top-50 company listed on the Australian Securities Exchange and led by Chairman Mr. James Packer, who is also Co-Chairman and a Non-executive Director of Melco Crown Entertainment.